外文文献翻译稿外文献翻译稿.doc

Over recent years the international community has gained a new understanding of China’s reform and opening-up experience. A new concept has become popular among political figures and decision makers around the world. This concept is called the “China model.” The following essay asks and attempts to answer the question: Does China’s experience differ so significantly from other countries’ that its financial reform can also be incorporated into the so-called “China model”? As alluded to by Allen et al. (2005), if based solely on the mainstream development literature on law, institutions, finance and economic growth, China’s three-decade financial reform is likely to be a special ?counterexample? in the history of world economic development. How, has an ?emerging transitional? economy like China evolved its financial system, step by step, into its present state? Does a ?China model? of financial system reform exist as distinct from other transitional countries such as Russia and Eastern European countries? If the answer is yes, why did China adopt such a special model of financial system reform, one not emulated by other countries? This article attempts to answer these questions by making a comparative analysis of different financial systems based on the history and reality of financial reform by transitional countries, including China. I. The financial system reform of transitional countries: A brief review In a ?classical? socialist economy, not only is the degree of economic monetization relatively low but ?financial repression? is extremely pronounced as well (McKinnon, 1973; Shaw, 1973). The financial reform of a transitional country is in essence a process of eliminating ?financial repression? and achieving financial development. In practice, there are many resemblances among transitional countries in their financial system reform: First of all, the financial reform of transitional countries is a typical financial development process as far as scale is concerne